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Please help thank you in advance Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance sheets and income
Please help thank you in advance
Heads Up Company was started several years ago by two hockey instructors. The company's comparative balance sheets and income statemens follow, atome with-additional information. Additional Dote: a Bought new hockey equipment for cash, 5470. a Horrowed 51,000 canch from the bank during the yeat c. Accounits Payable includes only purchases of services made on credit for operating purpeses. Because there are no liability accourts relating to income tax, assume that this expense was fully pald in cash Required: 1. Prepare the statement of cash flows for the current year ended December 31 using the indirect method. (Amounts to be deducted shovld be indicoted with a minus sige.) Additional Date: a. Bought new hockey equatiment for cash, $470. b. Borrowed $1.000 cash from the tark during the yeat. c. Accounts Payable includes only purchases of services made on credit for operating purposes, Because there ace no liability accounts ielating to income tax, assume that this experise was fully pold in casth. Required: 1. Prepare the statement of cash \&ows for the current yeat ended December 31 using the Andirect method. (Amounts to be deducted should be indiented with o minus sign.) Hunter Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: Additional Dote: a. Bought equipment for cash, 58,700 . b. Paid $11,000 on the long-term notes payable. c. Issued new shates of stock for $21.500 cash. d Declared and pald a $3.500 cash dividend. e. Other expenses included depreclation, $7,300; salaries and wages, $11300; taxes, $4,300; utilities, $9,300 f. Accounts Payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes of other expenses, assume that these expenses were fully paid in cash. Additional Date: a. Bought equipment for cash, $8,700. b. Pald $11,000 on the long-term notes payable. c. Issued new shares of stock for $21.500 cash. d. Declared and paid a $3,500 cash dividend e. Other expenses included depreclation, $7,300; salarles and wages, $11,300; taxes. \$4,300; utilitics, $9,300 f. Accounts Payable inciudes only inventory purchases made on credit. Because there ar no liabelity accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash. Required: 1. Prepare the statement of casti flows for the year ended December 3t using the indirect method. (Amounts to be deducted should be indicated with o minus sign.) Step by Step Solution
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